Credit and Prepaid Card News

The latest news on the credit card and prepaid card industry from the Center for Responsible Lending.

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  • Credit Card Penalty Fees Fell 48 Percent in Four Years: Study 
    American Banker 28 Jan 2014
    U.S. credit card users paid $12 billion in penalty fees in 2013 -- roughly half of the $22.9 billion they forked out in 2009 -- according to industry consultant R.K. Hammer.
  • CFPB Offers Guidance to Consumers on Debit, Credit Card Data Theft 
    Mortgage News Daily 27 Jan 2014
    Several retail chains have reported data-security breaches since the holiday season, with Michaels now adding its name to the list of stores.
  • T-Mobile Enters Prepaid Card Market 
    Washington Post 22 Jan 2014
    T-Mobile introduced a prepaid card on Jan. 22, following other retailers like Wal-Mart, Walgreens, and Target into the banking world.
  • Consumer Financial Protection Bureau Empowers Credit Card Consumers 
    Pittsburgh Post-Gazette 14 Jan 2014
    A new report by the U.S. Public Interest Research Group reveals that nearly 40 percent of borrowers who filed credit card gripes with the Consumer Financial Protection Bureau received some form of ...
  • 'No-Interest-Now' Deals Can Be Risky 
    USA Today 26 Dec 2013
    Many shoppers can save money in the long run by avoiding zero-percent, "no-interest-now" deals during the busy holiday season. Odysseas Papadimitriou, founder and CEO of the personal finance websites CardHub and WalletHub, notes that deferred-interest-rate deals are an extremely popular offering right now. Consumer watchdogs, however, warn that there are many ways for shoppers to end up paying more than what they anticipated under these deals.
  • Amex Fined After Staff Misled Customers 
    Financial Times 25 Dec 2013
    American Express (Amex) has agreed to $75.7 million in fines and reimbursements to customers after regulators discovered that its sales staff misled customers about the benefits of many credit card insurance products.
  • Signature Cards More Prone to Fraud 
    Fox Business 20 Dec 2013
    Credit counselors say credit card cash advances should only be a last resort, and their advice is backed by a new CreditCards.com survey of cash advance rates and fees on the top 100 credit cards.
  • Fewer Colleges Making Deals With Credit Card Companies, CFPB Finds 
    Columbus Business First 18 Dec 2013
    A new report from the Consumer Financial Protection Bureau (CFPB) counts 617 agreements in place between credit card issuers and U.S. colleges at the end of 2012, down from 796 in 2011 and 1,045 in 2009.
  • Consumer Bureau Hits Medical Financing Company CareCredit With $34.1 Million Action 
    Washington Post  11 Dec 2013
    The Consumer Financial Protection Bureau (CFPB) has ordered medical financing company CareCredit, an arm of General Electric, to pay $34.1 million for providing inadequate disclosures and using deceptive enrollment practices. The funds will help reimburse more than 1.2 million CareCredit customers who incurred credit card penalties and fees since 2009.
  • How Strict Limits on Debit-Card Fees Created More Free Checking 
    Bloomberg Businessweek 11 Dec 2013
    Five years after the financial crisis, researchers now have enough data to better understand how reforms to consumer finance have produced intended and unintended consequences. A recent paper found that the 2009 CARD Act, which banned some profitable but abusive credit card practices, has saved consumers $20.8 billion a year. Banks argued that it also tightened access to credit, but a new analysis from the Federal Reserve Bank of Kansas City suggests that caps on swipe fees for debit cards have widened consumer access to free checking accounts.
  • Credit Card Delinquency Rate Declines 
    Central Valley Business Times (CA) 20 Nov 2013
    Figures compiled by TransUnion LLC show that both the credit card delinquency rate and the average credit card debt per borrower declined on a annual basis during the third quarter. Card delinquency fell to 1.36 percent, down 14 basis points from 1.50 percent a year earlier.
  • Credit-Card Rewards Programs Examined by U.S. Consumer Bureau 
    Bloomberg 15 Nov 2013
    Concerned that customers may be misled when they enroll in complex credit-card reward programs, the U.S. Consumer Financial Protection Bureau (CFPB) could consider new rules in this area.
  • Credit-Card Application Rules Eased 
    Wall Street Journal  11 Nov 2013
    The Consumer Financial Protection Bureau (CFPB) on Nov. 4 removed a provision, established under the Credit Card Accountability Responsibility and Disclosure Act, that had blocked many people with no individual income from applying for credit. The restriction was intended to keep young adults out of credit card debt, but the CFPB says it inadvertently led to "otherwise creditworthy" applicants being turned away.
  • Card Act Cleared Up Credit Cards’ Hidden Costs 
    New York Times  08 Nov 2013
    The 2009 Credit Card Accountability Responsibility and Disclosure Act, better known as the Card Act, was intended to force down the hidden fees that card issuers collect from customers. Researchers led by University of Chicago economist Neale Mahoney found that the law worked as intended, reducing the costs of credit cards -- especially for borrowers with flawed credit -- with no signs of higher interest charges or reduced access to credit.
  • Is 18 Too Young for Credit Cards? 
    MarketWatch 08 Nov 2013
    A new study on the credit card behavior of young adults suggests that a provision in the Credit Card Accountability, Responsibility and Disclosure Act of 2009 -- intended to keep many people under 21 years of age from getting a credit card -- was misguided and unnecessary.
  • CARD Act Disclosures May Have Little Sway Over Consumers 
    American Banker 01 Nov 2013
    Although the 2009 CARD Act promised clearer disclosures to consumers, such as suggested payment amounts for a card balance and toll-free phone numbers for credit counseling, analysts are questioning whether those requirements have driven borrowers to handle their accounts more responsibly. A September report by several economists calculated that the share of borrowers on track to pay off their balance in 36 months rose by only 0.5 percentage points since the law took effect.
  • Credit Bureaus Taking Closer Look at How You Use Your Credit Card 
    Pittsburgh Post-Gazette  31 Oct 2013
    The big three credit bureaus -- TransUnion, Experian, and Equifax -- are putting new information in credit profiles that could help credit card issuers flag low-risk customers. The data will indicate whether a borrower is a "revolver" who carries a balance into each month and incurs interest or a "transactor" who tends to pay off purchase costs in full before the next billing cycle.
  • New Tactics Keep College Kids Hooked on Plastic 
    CNBC News  04 Oct 2013
    Since passage of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, use of credit cards among college students has declined. Debit cards, however, are becoming more common and now are used by nearly 80 percent of students, a survey by Sallie Mae and Ipsos found. Many student ID cards double as debit cards, and prepaid cards are gaining popularity among parents who want to better control their kids' spending. The problem with prepaid and debit cards is that they do not allow students to build a credit record, and they often come with fewer marketing restrictions.
  • Chase Scraps Joint Credit Cards 
    CNN Money 24 Sep 2013
    In a move likely to be copied by other banks, Chase has announced it will no longer allow customers to open joint credit cards -- a popular option for couples sharing the responsibility of repayment.
  • JPMorgan Fined $389 Million for Deceptive Credit Card Practices 
    Washington Post 20 Sep 2013
    The Office of the Comptroller of the Currency (OCC) on Thursday hit JPMorgan Chase with $389 million in penalties for duping millions of customers into buying expensive and unnecessary services when they signed up for credit cards.
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